Today on the Marketbeat:

Market #'s @ Closing Bell:

S&P: -24
DOW: -186
NASDAQ: -55
Rus2K: -16
TSX/S&P: -314
$VIX: +4.10


Internals:

Core Sector List: 16/0

- NYSE -
BREADTH: 15/1 Neg
AD LINE: -2400

- NASDAQ -
BREADTH: 11/1 Neg
AD LINE: -1750

Today on the Marketbeat: The corrections finally comes...

The correction that many in the investor world have been watching and positioning for over the last month and a half of the bull rally has seemingly began. Last night I checked out the futures around 1am, and noticed that the markets were down quiet the sizable amont. With this in mind i slept peacefully knowing I had no resting long positions over the weekend. By 9am the futures were set to open 20 points lower from Fridays close, could this be the correction everyone and their mother has been squawking about?

Well one clue to whether this is the beginning of another downward leg is that the groundhog day effect this bull summer rally has pulled, going lower all day then the bulls stepping in towards the close was no where in site today. In fact the ES futures made new lows going into the close.

So where does this leave us now? we have lost important levels of support most noticeably the 990 level on the SPX. So we have to react to what happens, if the market goes lower, trade defensive, look for weak stocks that maybe need to correct or strong stocks that have been flying. Adversely,if the bulls step back in find stocks near support ready to try another bounce. Just keep it simple and trade your plan

Happy Trading